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Friendzone Brings Social Monetization Protocol Live On Polygon PoS For Over 5,000 Waitlisted Users

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[PRESS RELEASE – Road Town, British Virgin Islands, February 27th, 2024]

Friendzone, the sustainable and scalable Web3 platform redefining Social Finance (SocialFi) on the blockchain, has officially launched on the Polygon Proof-of-Stake network. The launch of the Social Capital Marketplace is the first of many key milestones for Friendzone in its mission to become the number #1 social media dApp in the Web3 industry.

Friendzone is an entirely novel decentralized protocol that marries the engagement of traditional social media with the unique financial rewards enabled by Web3 technology, paving the way for the creation of more empowering online communities. In this way, Friendzone is much more than just another SocialFi platform. It represents a paradigm shift that not only recognizes social media presence and influence, but rewards it in tangible and monetizable ways. It promises to redefine the social media industry as a place where every interaction can potentially generate value, empowering content creators and users alike to monetize their online experiences in a seamless way.

The launch on Polygon PoS coincides with the closure of a significant funding round led by angel investors including Kain Warwick (Founder of Synthetix), Kieran Warwick (Founder of Illuvium), Danny Wilson (CFO of Illuvium), Thomas Aslanian (Product & Token Lead of Immutable), Anton Buenavista (Founding Team Pendle Finance), Jackson Chan (Co-Founder of PHD Capital) and many other incredible angels with experience at Synthetix, Pendle Finance, Bybit, Metastreet Labs and Renzo Protocol. Alongside the round, which brings Friendzone’s total amount raised to more than $750,000 USD, the startup is pleased to welcome the aforementioned investors, plus TN Lee (Co-Founder of Pendle Finance) and John Park (Partner at Sparklabs) to its growing advisory board.

Lifting SocialFi To The Next Level

Although Friendzone is competing in an increasingly crowded SocialFi space, its platform is differentiated from others through its nuanced incentive and protocol design. Friendzone is uniquely focused on overcoming the scalability and liquidity challenges that have hampered the growth of first-generation SocialFi platforms, setting it up to become the first protocol of its kind to go mainstream.

Friendzone has designed its protocol economics around an adaptive bonding curve that takes into account market feedback in real-time, ensuring that its token valuation is always fair, with continuous access for both small and large networks. Through this mechanism, it promotes sustained engagement and network growth without being constrained by the accessibility and liquidity bottlenecks that have held back alternative SocialFi protocols.

With its custom creator controls, Friendzone empowers everyone to be a creator with the ability to customize their social media activity and create tailored offerings ranging from public events to private groups, where they can set terms and prices that better reflect the value they provide. Besides the purchase and sale of its “Creator Chips”, Friendzone incorporates a staking feature into its tokenomics model that takes into account both the quantity and duration of the user’s stake. It’s inspired by Curve’s veCRV model and aims to ensure a more equitable distribution of each creator’s revenue, incentivizing network users to actively contribute to the success of every creator with a share of their rewards.

Through these novel innovations, Friendzone promises to transcend the emotional incentives of traditional social media networks by integrating powerful financial incentives enabled only with crypto, amplifying its network effects to enhance user engagement and fairly reward participation on the platform and all integrated decentralized applications existing today.

A Progressive Rollout

Friendzone has generated enormous interest prior to its launch on Polygon PoS, with more than 5,000 whitelisted users signed up. To ensure stability during its incentivized beta rollout, the protocol is capping the number of users allowed onto the network in batches of 1000. The plan is to progressively onboard more users as the project demonstrates its worth and evolves from its beta stage, where it will be closely monitored for bugs and refined to provide an optimal user experience.

The initial 1000 users selected to participate at launch can now head to X, formerly known as Twitter, to claim their Friendzone handles, which will be the same as their X handles.

During the initial launch period, Friendzone will also integrate a new points system into its protocol, enabling early adopters who beta test the product to begin accumulating points to enhance their rewards and reputations on the platform.

“We are immensely proud to launch Friendzone with the support of the Polygon ecosystem, a collaboration that marks a significant milestone in our journey. The Polygon PoS Network’s exceptional scalability, speed, and security offer the perfect foundation for Friendzone, enabling us to redefine social media engagement and monetization in the Web3 space. The commitment to innovation and the success of projects built on Polygon PoS is unparalleled. This strategic relationship is a testament to our shared vision of empowering users and creators in a disruptive decentralized digital economy.” said Kevin Lu, CEO & Co-Founder of Friendzone.

Friendzone is delighted to bring its collaboration with the Polygon ecosystem to the next level, tapping into its powerful ecosystem and leverage its expertise to explore new use cases and accelerate innovation in the SocialFi space. Friendzone is poised to unleash new dynamics and explore uncharted waters on Polygon PoS as it seeks to bring more value to users in the nascent decentralized social media industry.

The Polygon ecosystem has already distinguished itself in the blockchain arena with its strong ethos of innovation and a litany of unparalleled strategic brand collaborations, making it an ideal landing spots for Friendzone. The protocol’s integration with the Polygon network enables it to make future plans toward tapping into an innovative zkEVM-based Layer-2 architecture that will be instrumental in accelerating its growth as it scales its network and expands its user base. The Polygon networks are home to some of the most dynamic and diverse ecosystems of groundbreaking dApps and communities in the blockchain world, providing further opportunities to collaborate, innovate and bring SocialFi into the mainstream.

“Friendzone represents the first of its kind in the SocialFi space, pioneering a new era of social media that rewards engagement with real value. We are proud to have Friendzone build on Polygon PoS and to work closely with their team to achieve our mutual goals. Their innovative approach to integrating social interactions with value incentives sets a new standard in the industry. This collaboration underscores Polygon’s dedication to supporting groundbreaking projects that push the boundaries of what’s possible in Web3 and beyond.” said SungMo Park, Head of BD APAC at Polygon Labs.

Today’s launch and funding round represents the first of many milestones to come for Friendzone, laying the groundwork for a truly interoperable protocol that will provide a scalable foundation to support the monetization layer of on-chain social graphs.

About Friendzone

Friendzone is the premier social Web3 platform introducing real-time adaptive pricing and native reward distribution to ensure fair and dynamic value exchange, tailored to a creator’s reputation and community support. The platform is the first to incentivize sustained engagement and offers creators extensive control over content monetization, promoting a robust and inclusive digital circular economy at scale. Friendzone is supported by a dedicated team of core contributors and advisors from industry-leading entities such as Synthetix, Band Protocol, Koinly, Immutable, Pendle Finance, Cyball, and Sparklabs.

Join the new social Web3 era at friendzone.pro and stay up to date with all the announcements on Twitter and Discord.

Contact

Dasi Kaplan
pr@marketacross.com

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Cryptocurrency

Ethereum Price Analysis: Is There More Trouble Ahead for ETH After 14% Weekly Drop?

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Ethereum’s price has been dropping consistently over the past couple of weeks and is yet to show any sign of recovery.

As things stand, a deeper decline could be expected in the coming weeks.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

On the daily chart, the asset has gradually decreased after breaking the 200-day moving average, located around the $3,000 mark, to the downside.

The $2,700 level has also been lost, and the market could now target the $2,350 support zone. Yet, with the RSI entering the oversold region, a bullish pullback might occur soon, which could even put an end to the downtrend if the market can recover above the 200-day moving average.

The 4-Hour Chart

Looking at the 4-hour timeframe, it is evident that the price has been consolidating inside a tight descending channel around the $2,700 level. Currently, the market is testing this level from below, and if it gets rejected, a breakdown of the channel and a drop toward the $2,350 level would be imminent.

However, if the opposite scenario occurs and the $2,700 level is reclaimed, a rally toward the key $3,000 area would be likely.

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Exchange Reserve

While Ethereum’s price has been experiencing an aggressive downtrend, things might be looking attractive for long-term investors who like to buy the dip. This is somehow evident when looking at the Ethereum exchange reserve.

The metric measures the total amount of ETH that is held in exchange wallets. It is considered a proxy for supply, as these coins can be quickly sold and add to the overall selling pressure.

As the chart suggests, however, the exchange reserve has recently taken a nose dive following the recent market crash. This indicates that some investors are aggressively accumulating during this correction, and the subsequent supply shrink could lead to a recovery.

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Cryptocurrency

3 Bullish Signs for Bitcoin Following Recent Crash

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February began on the wrong foot, even though it’s historically a highly positive month for bitcoin. This time, though, the cryptocurrency plunged last Sunday and Monday by $15,000 within days.

Although the asset has failed to recover most of the losses since the end of January, the overall bullish sentiment remains strong on several fronts.

Fear Is Good

The aforementioned crash took bitcoin down hard as its price stood above $106,000 last Friday before it dumped toward $91,000 on Monday morning during the US tariffs-induced collapse. Such substantial price movements in either direction tend to influence the overall market sentiment, and this correction was no exception.

Popular crypto analyst Ali Martinez pushed a chart indicating that the crowd has turned negative toward BTC. Moreover, the Fear and Greed Index also went from ‘greed’ to ‘fear’ for the first time since the US elections in November. However, both of those could actually be a blessing in disguise for the largest crypto asset as “the best buying opportunities often come when crowd sentiment toward bitcoin is negative,” said Martinez.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

Let’s not forget Warren Buffett’s timeless advice, suggesting that investors should be fearful when people are greedy and vice versa.

Critical Support and Buying Pressure

Martinez further highlighted $92,800 as the critical support that showcases whether the ongoing bull run is intact or not. If BTC maintains it, the MVRV pricing bands show that the bull case is still active, while a drop below it could spell trouble for the asset.

The cryptocurrency has slipped beneath that line on several occasions in the past few months but has managed to bounce above it almost immediately after each correction.

Lastly, the analyst asserted that investors operating on two of the biggest crypto exchanges – HTX and BitMEX – have gone on an accumulation spree as the buying pressure on both had gone through the roof in the past day or so.

Bonus: February

Although BTC is currently down by over 5% since the start of February, the second month of the year is historically a highly bullish one for the asset. This is particularly true for Februaries, which come after a halving year, such as the current one.

In 2021, BTC soared by nearly 37% in February; in 2017, its gains were a bit more modest at 23%, while in 2013, the cryptocurrency jumped by almost 62%.

Still, history is no indication of future price performances, but it does tend to rhyme sometimes.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Binance Coin Soars by Double Digits, Bitcoin Taps $97K (Weekend Watch)

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Bitcoin managed to defend the $96,000 level during yesterday’s correction, and the asset now sits above a grand higher in a calm weekend landscape.

The altcoins have bounced off, and Binance Coin leads the pack with a substantial increase, followed by SOL, AVAX, SUI, and others.

BTC Back to $97K

The previous weekend went badly for the primary cryptocurrency as US President Trump began a trade war with China, Canada, and Mexico. The tariffs he imposed on those countries led to an immediate crash in the crypto market, with BTC slumping from $106,000 on Friday to $97,000 on Sunday.

The correction worsened on Monday morning as the asset fell below $92,000 for the first time in a few weeks. However, the bulls finally stepped up at this point and didn’t allow a further breakdown beneath $90,000. Just the opposite, bitcoin recorded another ten grand move, this time in the opposite direction, and tapped $102,000.

It couldn’t maintain its run, though, and returned to five-digit price territory almost immediately. The second attempt to break above $100,000, which came on Friday, was also stopped in its tracks, and the subsequent rejection pushed BTC south to $96,000 yesterday.

It defended that line and now sits around $97,000 following a minor daily increase. Its market cap has gone up to $1.925 trillion on CG, but its dominance over the alts has taken a hit and is down to 58.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BNB on the Run

Most altcoins have turned red today after yesterday’s crash. Ethereum is above $2,650 once again after a minor 2% increase. XRP is heading toward $2.5, following a 3.5% rise. Similar price pumps are evident from DOGE, LINk, ADA, and XLM. Solana, Avalanche, SUI, HBAR, and SHIB have recorded more impressive gains.

Binance Coin has stolen the show today. BNB has soared by nearly 12% in the past 24 hours and now trades at a multi-day peak of $645.

Other impressive gainers from the top 100 alts include FLOKI (14%), IMX (13%), FET (12%), TIA (11%), and RENDER (10%).

The total crypto market cap has added around $80 billion and is above $3.3 trillion now.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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